“Home is Possible® For Teachers” Coming Dec 5th

The Nevada Housing Division just introduced the new “Home is Possible® For Teachers” Program which will be available on December 5th.

“Teachers make it their life’s work to educate young minds. The Housing Division wants to help recruit and retain K-12 teachers and make our growing communities more vibrant.”

Initially, there is only funding for only 300 teachers, provided on a first come, first served basis. As a result, it is anticipated that the available funds will be gone quickly. To insure your spot, it is paramount interested teachers get pre-qualified and start shopping for a home prior to the release of the program on December 5th.

The Key Benefits of the program are:

$10,000 in bonus money (second mortgage with 0% interest and no payments due)

Usable for down payment and closing costs

Forgivable after five years (if teacher stays in home as primary residence)

Combined with a below-market fixed interest rate on the first mortgage (Hero rate currently at 3.375%)

Statewide program

Program Requirements:

Must be a licensed full-time K-12 public school teacher in Nevada

Home price below $400,000

Minimum credit score of 660

Government insured loans only (no conventional loans)

Teacher must live in home as primary residence

Homebuyer education course required

Must meet standard underwriting requirements

One-time fee of $675 (also required to record a second mortgage)

Funding amount available for 300 teachers, provided on a first come, first served basis.

“Home is Possible”® Specialist, Dwight Pace of the Nevada Housing Division will be discussing the “Home is Possible® For Teachers” Program at our “Home is Possible”® Down Payment Assistance Workshop, Saturday, December 10, from 8:45-10:15 at the America Matters Media Studio in the Reno Town Mall, 4001 S Virginia St, Reno, NV 89502. The workshop is FREE. Please call Doug Kaller-Academy Mortgage @ 775-828-7006 for additional information.

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